KRG exported over 118 million barrels of oil in first 9 months of 2020

​ERBIL, Kurdistan Region – The Kurdistan Regional Government (KRG) exported 118,720,827 barrels of oil in the first nine months of 2020 and recorded over $1.8 billion in net oil sales and related activities, according to audited data published by the KRG on Friday.  

In the first quarter, January to March, the KRG exported over 42 million barrels, selling at an average of $31.596 per barrel. The average price per barrel was slashed in half, to $15.781, for the second quarter, April to June, during the coronavirus pandemic and the KRG exported 37 million barrels.

Prices rebounded in the third quarter, July to September, under an OPEC scheme to reduce global production and boost prices. The KRG exported over 39 million barrels, selling at an average of $31.669 per barrel. 

After fees and payments to oil companies, the KRG recorded a net cash balance of $1,831,781,964 for the nine months.